Israel Approves Plan Toward Becoming World’s First Cashless Society


A special committee headed by Prime Minister ’s chief of staff, Harel Locker, has recommended a three-phase plan to all but do away with cash transactions in .

The motivation for examining a cash-less is combatting money laundering and other -evasion tactics, thereby maximizing potential tax collection and greatly expanding the tax base. This is important considering the enormous strain put on Israel’s national budget by the army, system and other public services.

The committee estimated that the black market represents over 20 percent of Israel’s GDP, and cash is the facilitating factor. Cash enables tax evasion, money laundering and even financing .

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